December 10, 2022

Sharjah offers global investors a clear insight into profitable prospects across major economic sectors in Expo 2020 Dubai

Sharjah offers global investors clear insight into profitable prospects across major economic sectors at Expo 2020 Dubai SHARJAH, At a recently-held business networking event, titled “Discover a World of Investment Opportunities in Sharjah” organised by the Sharjah FDI Office (Invest in Sharjah), as a participant in Expo 2020 Dubai, regional and global investors capitalised on insightful information on emerging business prospects in manufacturing, creative industries, technology, and other key sectors.

Continuing on its strategic mission to build on its robustly diverse economy, whose non-oil sectors account for a whopping 96 percent of its annual gross domestic product (GDP), officials representing Sharjah’s government departments and free zones spoke about the myriad opportunities investors can explore while being supported by the emirate’s economic resilience and stable business environment, consistent market growth, and other competitive advantages.

Urging the attendees to visit the world-class free zone, Hussain Al Mahmoudi, CEO of the Sharjah Research, Technology and Innovation Park (SRTIP), said, “Today’s event is an amazing opportunity to connect with the world. The SRTIP is home to a world-class innovation ecosystem, which provides an amazing environment to entrepreneurs, tech companies, and innovation-related companies to establish themselves and grow.”

“We pride ourselves in being the world’s fastest-growing technology park with one of the biggest transport and logistics innovation centre; one of the biggest additive manufacturing facilities in the region, and host several technologies developed in augmented reality, virtual realities, agriculture and 3D printing. Additionally, our free zone is surrounded by 22 top-quality educational institutions that boast 47,000 students and dozens of PhD holders, which fulfils human capital needs of any business without having to outsource or fly in talent from other nations,” he added.

Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, turned the spotlight on the untapped investment potential of Sharjah, saying, “Sharjah is becoming increasingly known for its pioneering sustainability initiatives and as a world-class R & D, innovation and start-up hub. With exceptional support provided by the government, lower operating costs compared to neighbouring emirates, and a culture of innovation, Sharjah is an ideal choice for companies seeking a base in the Middle East.”

Sheikh Saoud bin Mohammed Al Qasimi, Deputy Head of the Industrial Investments Section at the Sharjah Economic Development Department (SEDD), noted, “SEDD has eleven departments each specialising with its own set of directives and functions that are geared towards providing businesses and franchisees in Sharjah world-class services, with 120 fully integrated e-services focused on issuing licences and permits for various businesses and franchises operating in multiple sectors and ensure the highest of standards in the emirate’s consumer satisfaction.”

Salim Omar Salim, Director of the Sharjah Publishing City Free Zone (SPC Free Zone), explained the unique opportunities at this first-of-its-kind free zone in the world. “From business licencing to fully-equipped office spaces, printing and packaging facilities, tax free income, and more, the SPC Free Zone serves the interests of global publishing businesses and supports the fulfilment of their regional expansion plans.”

Abdulaziz Shattaf, Assistant Director-General of the Members Services Sector at the Sharjah Chamber of Commerce and Industry (SCCI), noted, “When we look at Sharjah, we are looking at the industrial hub of the UAE that is home to more than 2,500 factories in different sectors like F&B, building materials, electric and mechanical, and more, with a total annual production of no less than AED60 billion, and our exports are in the upwards of AED23 million.”

He added, “There is a lot of room for more manufacturers to come and invest in Sharjah’s manufacturing sector, especially since the UAE has announced its ‘Manufacturing Mandate’ to increase its manufacturing capacities from AED200 billion to AED300 in the next five years.”

Elie Armaly, Director of Business Development at the Sharjah Investment and Development Authority (Shurooq), presented a comprehensive picture of the authority’s recently launched and ongoing projects across the leisure, hospitality, residential and retail sectors, explaining, “We are scheduled to launch several mixed-use projects estimated at AED1.3 to 1.5 billion starting next year up until 2025, which are expected to continue in attracting major lucrative partnership and joint venture prospects between Shurooq and global investors.”

Feras Salibi, Director of Licensing and Clients Relations at the Sharjah Media City (Shams), noted that the free zone dedicated to the media and communications industry, “might be young as we started in 2017, but we are progressive. We have more than 10,000 companies operating within Shams’s world-class ecosystem, who not only benefit from the multitude of advantages that come with operating in a free zone but are also offered complete ecosystem support and digital innovations that helps them flourish and grow sustainably.”

Source: Emirates News Agency